JOYY Reports Third Quarter 2025 Unaudited Financial Results

SINGAPORE, Nov. 20, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the third quarter of 2025.

Third Quarter 2025 Financial Highlights1

  • Net revenues were US$540.2 million, compared with US$558.7 million in the corresponding period of 2024, representing an increase of 6.4% from US$507.8 million in the second quarter of 2025.
    • Live streaming revenues were US$388.5 million, compared with US$439.5 million in the corresponding period of 2024, representing an increase of 3.5% from US$375.4 million in the second quarter of 2025.
    • Advertising revenues2 increased by 29.2% to US$112.5 million from US$87.1 million in the corresponding period of 2024 and by 17.1% from US$96.1 million in the second quarter of 2025.
    • Other revenues increased by 22.3% to US$39.2 million from US$32.1 million in the corresponding period of 2024 and by 8.3% from US$36.2 million in the second quarter of 2025.
  • Operating income was US$19.6 million in the third quarter of 2025, representing an increase of 19.1% from US$16.4 million in the corresponding period of 2024 and an increase of 237.3% from US$5.8 million in the second quarter of 2025.
  • Non-GAAP EBITDA3 was US$50.6 million, representing an increase of 16.8% from US$43.3 million in the corresponding period of 2024 and an increase of 4.9% from US$48.2 million in the second quarter of 2025.  
  •  Net income from continuing operations attributable to controlling interest of JOYY4 was US$62.0 million, representing an increase of 2.3% from US$60.6 million in the corresponding period of 2024 and an increase of 1.9% from US$60.8 million in the second quarter of 2025.
  •  Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY5 was US$72.4 million, representing an increase of 18.4% from US$61.2 million in the corresponding period of 2024, compared with US$77.0 million in the second quarter of 2025.
  • Net Cash6 as of September 30, 2025 was US$3,320.9 million.
  • Net cash from operating activities was US$73.4 million, compared with US$61.1 million in the corresponding period of 2024.

Third Quarter 2025 Business Highlights

Global community：

  • Global average mobile MAUs7 reached 266.2 million in the third quarter of 2025, compared with 272.4 million in the corresponding period of 2024. The global average mobile MAUs was up by 1.4% from 262.5 million in the second quarter of 2025.
  • The Company continued to optimize its marketing strategies to focus on return-on-investment and high-value users.

Live streaming：

  • Live streaming revenues reached US$388.5 million in the third quarter, including US$367.7 million from BIGO, up by 3.5% from the previous quarter, marking the second consecutive quarter of sequential growth.
  • Live streaming revenues grew by 7.6% quarter-over-quarter in Developed Countries and regions and by 4.4% in Southeast Asia and others.
  • Total paying users of BIGO8 rose by 0.8% quarter-over-quarter to 1.50 million, while ARPPU9 increased by 3.4% quarter-over-quarter to US$222.6.
  • The Company implemented AI-powered improvements across content distribution and payment experiences. By incorporating richer user behavior touchpoints and optimizing strategies for cross-regional and in-app scenarios in Bigo Live, the Company enhanced viewing experiences and drove users' average viewing time up quarter-over-quarter. Meanwhile, the Company’s real-time translation subtitles now support 15 languages, significantly improving user interactions across different regions. The Company is also using AIGC technology to efficiently generate localized virtual gifts. In October, AI-powered interactive gifts represented 25% of total virtual gift consumption, demonstrating strong user adoption of AI-enhanced features.

Recent Development on Our New Initiatives- Advertising Technology：

  • Beginning in 2022, the Company ramped up efforts to diversify its revenue stream, cultivating its new initiatives in advertising technology and others. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines.
    Total non-live streaming revenues reached US$151.7 million in the third quarter, up by 27.3% year-over-year. In particular, revenues from BIGO Ads reached US$103.9 million in the third quarter, achieving 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth.
  • BIGO Ads is an AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization solutions, it leverages deep learning, real-time bidding, and smart bidding models (such as oCPC and ROAS optimization) to enable brands to scale user acquisition and app developers to effectively unlock monetization potentials through connecting premium global demand.
  • The Company has access to a vast traffic pool, comprising its own global average mobile MAU base of 266.2 million, and an extensively expanded network of third-party traffic by seamlessly integrating developer traffic across major channels. In recent quarters, the Company has significantly scaled its third-party Software AG Development Kit (SDK) network traffic through successful integrations with mediation platforms. The Company’s SDK advertising requests were up by 228% year-over-year and by 29% quarter-over-quarter.
  • Leveraging cross-channel and cross-industry user behavior and attrition data, the Company employs machine learning for predictive modeling, real-time-bidding and automated optimization. In the third quarter, the Company upgraded its IAA D7 ROAS optimization feature. The enhancement enables advertisers to acquire higher-quality users while maintaining strong return efficiency, allowing them to scale budgets with greater confidence.
  • As a result, the average daily advertising revenue of BIGO Ads reached new height, driven by strong advertiser demand across multiple verticals, with number of key cohorts up by 17% quarter-over-quarter and total spending from key cohorts up by 30% quarter-over-quarter.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the third quarter of 2025, we sustained a steady sequential recovery in our live streaming revenues while accelerating top-line growth in our advertising business. Our live streaming revenue was US$388.5 million, increasing by 3.5% quarter-over-quarter, marking our second consecutive quarter of sequential growth, while our non-live streaming revenue was US$151.7 million, increasing by 27.3% year-over-year. Our operating income increased from US$16.4 million to US$19.6 million while our non-GAAP EBITDA reached US$50.6 million, up 16.8% year-over-year, demonstrating our continued operational excellence. We maintained our commitment to shareholder returns, distributing US$147.9 million in cash dividends and repurchasing US$88.6 million worth of shares from January 1, 2025 to November 14, 2025.”

“We made significant progress in advancing our dual growth engine strategy and strengthening synergies within our ecosystem. BIGO Ads achieved approximately 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth, building remarkable momentum through traffic expansion, algorithm optimization and multi-vertical expansion. As we approach 2026, we are positioned for a resumption in year-over-year group-level revenue growth, with our live streaming business expected to return to a steady positive trajectory and our advertising technology and smart commerce SaaS businesses poised to deliver robust revenue growth. We are leveraging the powerful synergies of our integrated ecosystem to strengthen our position as a global technology company, and we remain dedicated to generating sustained long-term value for our shareholders.”

Third Quarter 2025 Financial Results

NET REVENUES

Net revenues were US$540.2 million in the third quarter of 2025, compared with US$558.7 million in the corresponding period of 2024, representing an increase of 6.4% from US$507.8 million in the second quarter of 2025.

Live streaming revenues were US$388.5 million in the third quarter of 2025, compared with US$439.5 million in the corresponding period of 2024, representing an increase of 3.5% from US$375.4 million in the second quarter of 2025. The year-over-year decrease was primarily due to proactive adjustments to the operational strategies and product features to enhance efficiency and compliance. The quarter-over-quarter increase was primarily driven by improved user spending sentiment through a more diversified content ecosystem and effective localized operations.

Advertising revenues increased by 29.2% to US$112.5 million in the third quarter of 2025 from US$87.1 million in the corresponding period of 2024, and an increase of 17.1% from US$96.1 million in the second quarter of 2025. The year-over-year and quarter-over-quarter increases were due to strong performance of BIGO Ads, driven by expansion of traffic, geographic and vertical market diversification, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending.

Other revenues increased by 22.3% to US$39.2 million in the third quarter of 2025 from US$32.1 million in the corresponding period of 2024, and by 8.3% from US$36.2 million in the second quarter of 2025, mainly driven by the continued steady growth of the Company’s smart commerce SaaS business.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues was US$347.1 million in the third quarter of 2025, compared with US$350.5 million in the corresponding period of 2024 and US$322.5 million in the second quarter of 2025. BIGO’s cost of revenues decreased by 1.4% year-over-year to US$308.1 million, and increased by 7.9% from US$285.6 million in the second quarter of 2025. The quarter-over-quarter sequential change was primarily attributable to a US$19.2 million increase in revenue-sharing fees and content costs, resulting from higher traffic acquisition costs paid to third-party partners in relation to the expansion of the Company’s advertising business. All others’ cost of revenues increased by 2.6% year-over-year to US$39.1 million, and by 5.7% from the second quarter of 2025, generally in line with the increase in segment revenue.

Gross profit was US$193.1 million in the third quarter of 2025, compared with US$208.1 million in the corresponding period of 2024 and US$185.2 million in the second quarter of 2025. Gross margin was 35.8% in the third quarter of 2025, compared with 37.3% in the corresponding period of 2024 and 36.5% in the second quarter of 2025.

OPERATING EXPENSES AND INCOME

Operating expenses were US$174.2 million in the third quarter of 2025, compared with US$192.0 million in the same period of 2024 and US$179.8 million in the second quarter of 2025. Among the operating expenses, sales and marketing expenses were US$72.1 million, compared with US$83.5 million in the corresponding period of 2024 and US$71.9 million in the second quarter of 2025, as the Company continued to optimize sales and marketing strategies across various social products, with a stronger focus on return-on-investment and user acquisition efficiency. Research and development expenses were US$63.1 million, compared with US$72.4 million in the corresponding period of 2024 and US$60.1 million in the second quarter of 2025. The year-over-year decrease was mainly attributable to a US$8.2 million decrease in employee compensation and welfare expenses and a US$0.5 million decrease in share-based compensation expenses. This reflects continued prudence and discipline in spending through enhanced resources sharing and operational synergy across different business units, while strategically allocating incremental share of research and development resources towards BIGO Ads. General and administrative expenses were US$39.1 million, compared with US$36.1 million in the corresponding period of 2024 and US$47.9 million in the second quarter of 2025. The quarter-over-quarter decrease was mainly attributable to the US$15.0 million impairment of investments recorded in the previous quarter.

Operating income was US$19.6 million in the third quarter of 2025, representing an increase of 19.1% from US$16.4 million in the corresponding period of 2024 and an increase of 237.3% from US$5.8 million in the second quarter of 2025.

Non-GAAP operating income10 was US$40.7 million in the third quarter of 2025, representing an increase of 16.6% from US$34.9 million in the corresponding period of 2024 and an increase of 6.1% from US$38.3 million in the second quarter of 2025. Non-GAAP operating income margin11 was 7.5% in the third quarter of 2025, compared with 6.2% in the corresponding period of 2024 and 7.5% in the second quarter of 2025.

Non-GAAP EBITDA was US$50.6 million, compared with US$43.3 million in the corresponding period of 2024 and US$48.2 million in the second quarter of 2025. Non-GAAP EBITDA margin12 was 9.4%, compared with 7.7% in the corresponding period of 2024 and 9.5% in the second quarter of 2025.

NET INCOME

Net income from continuing operations attributable to controlling interest of JOYY was US$62.0 million, representing an increase of 2.3% from US$60.6 million in the corresponding period of 2024 and an increase of 1.9% from US$60.8 million in the second quarter of 2025. Net income margin was 11.5% in the third quarter of 2025, compared with net income margin of 10.8% in the corresponding period of 2024 and 12.0% in the second quarter of 2025.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$72.4 million, representing an increase of 18.4% from US$61.2 million in the corresponding period of 2024, compared with US$77.0 million in the second quarter of 2025. Non-GAAP net income margin13 was 13.4% in the third quarter of 2025, compared with non-GAAP net income margin of 10.9% in the corresponding period of 2024 and 15.2% in the second quarter of 2025.

NET INCOME PER ADS

Diluted net income from continuing operations per ADS14 was US$1.15 in the third quarter of 2025, compared with US$1.05 in the corresponding period of 2024 and US$1.13 in in the second quarter of 2025.

Non-GAAP diluted net income from continuing operations per ADS15 was US$1.36 in the third quarter of 2025, compared with US$1.07 in the corresponding period of 2024 and US$1.44 in the second quarter of 2025.

BALANCE SHEET AND CASH FLOWS

As of September 30, 2025, the Company had net cash5 of US$3,320.9 million, compared with US$3,275.9 million as of December 31, 2024. For the third quarter of 2025, net cash from operating activities was US$73.4 million.

SHARES OUTSTANDING

As of September 30, 2025, the Company had a total of 1,019.6 million common shares outstanding, representing the equivalent of 51.0 million ADSs assuming the conversion of all common shares into ADSs.

Business Outlook

For the fourth quarter of 2025, the Company expects net revenues to be between US$563 million and US$578 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from macroeconomic uncertainties.

Share Repurchase Programs

Pursuant to the Company's share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased approximately 1.34 million ADSs for an aggregate consideration of US$67.3 million on the open market as of September 30, 2025.

Between September 30 and November 14, 2025, the Company repurchased an additional approximately 0.36 million ADSs, bringing total repurchases to approximately 1.70 million ADSs for an aggregate consideration of US$88.6 million in 2025. The remaining unutilized amount under the authorized share repurchase program was approximately US$211.4 million as of the date of this announcement.

Quarterly Dividend Program

On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Pursuant to this quarterly dividend program, the board of directors has accordingly declared a dividend of US$0.97 per ADS, or US$0.0483 per common share, for the fourth quarter of 2025, which is expected to be paid on January 13, 2026 to shareholders of record as of the close of business on January 2, 2026. The ex-dividend date will be January 2, 2026.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Wednesday, November 19, 2025 (10:00 AM Singapore/Hong Kong Time on Thursday, November 20, 2025). Details for the conference call are as follows:

Event Title: JOYY Inc. Third Quarter 2025 Earnings Conference Call

Conference ID: # 10051480

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10051480-8u6d2a.html

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.

The replay will be accessible through November 28, 2025, by dialing the following numbers:

United States:1-855-883-1031
Singapore:800-101-3223
Hong Kong:800-930-639
Conference ID:#10051480
  

About JOYY Inc.

JOYY (NASDAQ: JOYY) is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, instant messaging, and emerging initiatives such as advertising and smart commerce SaaS, JOYY has transformed into a dynamic ecosystem powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online social entertainment and advertising market; JOYY’s ability to attract and retain users and advertisers; JOYY’s expectations regarding demand for and market acceptances of its products and services; JOYY’s ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, and interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.

Investor Relations Contact

JOYY Inc.
Investor Relations
Email: joyy-ir@joyy.com

1 The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended September 30, 2024, June 30, 2025 and September 30, 2025 and for the nine months ended September 30, 2024 and September 30, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.

2 The Company is presenting advertising revenues as a separate line item in the financial statements in this quarter, to better reflect the performance of its emerging advertising business.

3 Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

4 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders.

5 Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$10.5 million and US$0.6 million in the third quarter of 2025 and 2024, respectively. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

6 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less short-term and long-term loans.

7 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.

8 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.

9 Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.

10 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

11 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

12 Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

13 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

14 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

15 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

  
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per ADS data)
        
   December 31,
 September 30,
   2024
 2025
   US$
 US$
Assets      
Current assets      
 Cash and cash equivalents 444,761  383,826 
 Restricted cash and cash equivalents 371,332  24,255 
 Short-term deposits 1,061,011  304,532 
 Restricted short-term deposits 20,722  18,597 
 Short-term investments 288,589  563,058 
 Accounts receivable, net 121,861  143,753 
 Amounts due from related parties 467  120 
 Prepayments and other current assets(1) 247,538  227,777 
 Assets held for sale -  7,007 
        
Total current assets 2,556,281  1,672,925 
        
Non-current assets      
 Long-term deposits and held-to-maturity investments 1,124,308  2,043,571 
 Deferred tax assets 2,563  2,278 
 Investments 530,685  537,710 
 Property and equipment, net 499,723  534,556 
 Land use rights, net 303,115  300,230 
 Intangible assets, net 277,257  235,650 
 Right-of-use assets, net 20,457  17,550 
 Goodwill 2,194,324  2,194,341 
 Other non-current assets 19,084  9,319 
        
Total non-current assets 4,971,516  5,875,205 
        
Total assets 7,527,797  7,548,130 
        
        
Liabilities, mezzanine equity and shareholders’ equity      
Current liabilities      
 Short-term loans 34,853  16,900 
 Accounts payable 84,015  76,541 
 Deferred revenue 66,813  62,008 
 Advances from customers 4,031  7,055 
 Income taxes payable 78,304  56,866 
 Accrued liabilities and other current liabilities(1) 2,393,923  575,525 
 Amounts due to related parties 1,378  24,186 
 Lease liabilities due within one year 10,775  8,675 
        
Total current liabilities 2,674,092  827,756 
        
Non-current liabilities      
 Lease liabilities 9,948  9,111 
 Deferred revenue 12,635  9,665 
 Deferred tax liabilities 47,631  51,802 
        
Total non-current liabilities 70,214  70,578 
        
Total liabilities 2,744,306  898,334 
        


 
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
      
   December 31, September 30,
   2024
 2025
   US$ US$
      
Mezzanine equity 23,733  24,933 
      
Shareholders’ equity    
 Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 714,663,197 shares outstanding as of December 31, 2024; 1,306,734,444 shares issued and 693,061,124 shares outstanding as of September 30, 2025, respectively) 7  7 
 Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) 3  3 
 Treasury shares (US$0.00001 par value; 603,177,267 and 613,673,320 shares held as of December 31, 2024 and September 30, 2025, respectively) (1,223,186) (1,238,309)
 Additional paid-in capital 3,345,536  3,309,785 
 Statutory reserves 40,500  36,148 
 Retained earnings 2,796,745  4,696,266 
 Accumulated other comprehensive loss (247,615) (216,982)
      
Total JOYY Inc.’s shareholders’ equity 4,711,990  6,586,918 
      
Non-controlling interests 47,768  37,945 
      
Total shareholders’ equity 4,759,758  6,624,863 
      
Total liabilities, mezzanine equity and shareholders’ equity 7,527,797  7,548,130 
      
      
(1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received have been recorded as accrued liabilities and other current liabilities on the Company’s consolidated balance sheet as of December 31, 2024. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu .
 


 
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
           
  Three Months Ended Nine Months Ended
  September
30,		 June
30,		 September
30,		 September
30,		 September
30,
  2024
 2025
 2025
 2024
 2025
  US$ US$ US$ US$ US$
Net revenues          
Live streaming(1) 439,482  375,409  388,474  1,365,603  1,135,231 
Advertising 87,107  96,125  112,516  233,443  297,288 
Others 32,065  36,226  39,231  89,296  109,813 
           
Total net revenues 558,654  507,760  540,221  1,688,342  1,542,332 
           
Cost of revenues(2) (350,536) (322,515) (347,090) (1,085,922) (985,341)
           
Gross profit 208,118  185,245  193,131  602,420  556,991 
           
Operating expenses(2)          
Research and development expenses (72,360) (60,075) (63,094) (211,255) (185,595)
Sales and marketing expenses (83,524) (71,852) (72,072) (266,294) (216,055)
General and administrative expenses (36,073) (47,922) (39,050) (108,502) (119,662)
           
Total operating expenses (191,957) (179,849) (174,216) (586,051) (521,312)
           
Gain on disposal of subsidiary -  -  -  1,643  - 
Other income 255  400  637  4,216  1,876 
           
Operating income 16,416  5,796  19,552  22,228  37,555 
           
Interest expenses (535) (151) (97) (4,535) (354)
Interest income and investment income 41,067  40,799  41,548  136,696  121,734 
Foreign currency exchange (losses) gains, net (10,742) 1,191  (6,370) (8,849) (5,940)
Gain on fair value change of investments 9,281  17,633  4,102  9,647  22,440 
           
Income before income tax expenses 55,487  65,268  58,735  155,187  175,435 
           
Income tax expenses (6,279) (6,066) (3,784) (13,444) (15,061)
           
Income before share of income (loss) in equity method investments, net of income taxes 49,208  59,202  54,951  141,743  160,374 
           
Share of income (loss) in equity method investments, net of income taxes 6,746  (1,176) 4,236  2,156  (258)
           
Net income from continuing operations 55,954  58,026  59,187  143,899  160,116 
           
Gain on disposal of YY Live(3) -  -  -  -  1,875,921 
           
Net income 55,954  58,026  59,187  143,899  2,036,037 
           
Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders 4,603  2,799  2,773  14,010  8,071 
           
Net income attributable to controlling interest of JOYY Inc. 60,557  60,825  61,960  157,909  2,044,108 
           
Including：          
Net income from continuing operations attributable to controlling interest of JOYY Inc. 60,557  60,825  61,960  157,909  168,187 
Gain on disposal of YY Live(3) -  -  -  -  1,875,921 
           
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value (347) (347) (347) (1,041) (1,041)
           
Net income attributable to common shareholders of JOYY Inc. 60,210  60,478  61,613  156,868  2,043,067 
           
Including：          
Net income from continuing operations attributable to common shareholders of JOYY Inc. 60,210  60,478  61,613  156,868  167,146 
Gain on disposal of YY Live(3) -  -  -  -  1,875,921 
           


  
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
               
  Three Months Ended
 Nine Months Ended
  September
30,		 June
30,
 September
30,
 September
30,
 September
30,
  2024
 2025
 2025
 2024
 2025
  US$ US$
 US$
 US$
 US$
               
Net income per ADS              
——Basic 1.06  1.15  1.17  2.65  38.64 
Continuing operations 1.06  1.15  1.17  2.65  3.16 
Discontinued operations -  -  -  -  35.48 
——Diluted 1.05  1.13  1.15  2.55  38.20 
Continuing operations 1.05  1.13  1.15  2.55  3.13 
Discontinued operations -  -  -  -  35.07 
               
Weighted average number of ADS used in calculating net income per ADS              
——Basic 56,573,411  52,788,040  52,557,478  59,287,792  52,877,958 
——Diluted 57,220,581  53,353,026  53,354,913  62,803,046  53,484,775 
               
               
(1)    Revenues by geographical areas were as follows:
               
  Three Months Ended
 Nine Months Ended
  September
30,		 June
30,
 September
30,
 September
30,
 September
30,
  2024
 2025
 2025
 2024
 2025
  US$ US$
 US$
 US$
 US$
               
Developed countries and regions 306,633  291,145  325,027  903,768  893,787 
Middle East 77,152  61,268  57,404  240,140  185,323 
Mainland China 57,952  51,291  49,229  180,357  148,905 
Southeast Asia and others 116,917  104,056  108,561  364,077  314,317 
               
Note: Developed countries and region mainly included the United States of America, Singapore, Japan, South Korea and Great Britain. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world.
               
(2)    Share-based compensation was allocated in cost of revenues and operating expenses as follows:
               
  Three Months Ended
 Nine Months Ended
  September
30,		 June
30,
 September
30,
 September
30,
 September
30,
  2024
 2025
 2025
 2024
 2025
  US$ US$
 US$
 US$
 US$
               
Cost of revenues (16) 677  1,416  1,425  2,728 
Research and development expenses 2,960  1,605  2,444  9,634  6,187 
Sales and marketing expenses 193  255  326  432  810 
General and administrative expenses 1,778  1,430  3,372  5,903  7,037 
               
(3)    Gain from disposal of YY Live amounted to approximately US$1.9 billion, which was reported as part of the net income from discontinued operations in the first quarter of 2025.
               


 
JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)
           
  Three Months Ended Nine Months Ended
  September
30,		 June
30,		 September
30,		 September
30,		 September
30,
  2024
 2025
 2025
 2024
 2025
  US$ US$ US$ US$ US$
           
Operating income 16,416  5,796  19,552  22,228  37,555 
Share-based compensation expenses 4,915  3,967  7,558  17,394  16,762 
Amortization of intangible assets from business acquisitions 13,540  13,540  13,540  42,262  40,620 
Impairment of investments -  15,000  -  9,386  15,000 
Gain on disposal of subsidiary -  -  -  (1,643) - 
Non-GAAP operating income 34,871  38,303  40,650  89,627  109,937 
Depreciation and other amortization 8,419  9,891  9,905  25,807  29,198 
Non-GAAP EBITDA 43,290  48,194  50,555  115,434  139,135 
           
           
Net income from continuing operations 55,954  58,026  59,187  143,899  160,116 
Share-based compensation expenses 4,915  3,967  7,558  17,394  16,762 
Amortization of intangible assets from business acquisitions 13,540  13,540  13,540  42,262  40,620 
Impairment of investments -  15,000  -  9,386  15,000 
Gain on disposal of subsidiary -  -  -  (1,643) - 
Gain on fair value change of investments (9,281) (17,633) (4,102) (9,647) (22,440)
Interest expenses related to the convertible bonds’ amortization to face value -  -  -  435  - 
Income tax effects on non-GAAP adjustments (1,574) 913  (1,930) (5,679) (2,421)
Reconciling items on the share of equity method investments (6,167) 1,034  (4,111) (5,433) (1,190)
Non-GAAP net income from continuing operations 57,387  74,847  70,142  190,974  206,447 
           
           
Net income from continuing operations attributable to common shareholders of JOYY Inc. 60,210  60,478  61,613  156,868  167,146 
Share-based compensation expenses 4,915  3,967  7,558  17,394  16,762 
Amortization of intangible assets from business acquisitions 13,540  13,540  13,540  42,262  40,620 
Impairment of investments -  15,000  -  9,386  15,000 
Gain on disposal of subsidiary -  -  -  (1,643) - 
Gain on fair value change of investments (9,281) (17,633) (4,102) (9,647) (22,440)
Interest expenses related to the convertible bonds’ amortization to face value -  -  -  435  - 
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders 347  347  347  1,041  1,041 
Income tax effects on non-GAAP adjustments (1,574) 913  (1,930) (5,679) (2,421)
Reconciling items on the share of equity method investments (6,167) 1,034  (4,111) (5,433) (1,190)
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders (819) (690) (492) (2,574) (1,943)
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc. 61,171  76,956  72,423  202,410  212,575 
           
           
           
Non-GAAP net income from continuing operations per ADS
          
——Basic 1.08  1.46  1.38  3.41  4.02 
——Diluted 1.07  1.44  1.36  3.26  3.97 
           
Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS          
——Basic 56,573,411  52,788,040  52,557,478  59,287,792  52,877,958 
——Diluted 57,220,581  53,353,026  53,354,913  62,803,046  53,484,775 
           


 
JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
        
 Three Months Ended
 September 30, 2025
        
 BIGO All other Elimination(1) Total
 US$ US$ US$ US$
Net revenues       
Live streaming367,744  20,730  -  388,474 
Advertising103,942  8,574  -  112,516 
Others749  38,785  (303) 39,231 
        
Total net revenues472,435  68,089  (303) 540,221 
        
Cost of revenues(2)(308,107) (39,051) 68  (347,090)
        
Gross profit164,328  29,038  (235) 193,131 
        
Operating expenses(2)       
Research and development expenses(40,950) (22,331) 187  (63,094)
Sales and marketing expenses(51,832) (20,263) 23  (72,072)
General and administrative expenses(18,385) (20,690) 25  (39,050)
        
Total operating expenses(111,167) (63,284) 235  (174,216)
        
Other income270  367  -  637 
        
Operating income (loss)53,431  (33,879) -  19,552 
        
Interest expenses(826) (22) 751  (97)
Interest income and investment income14,305  27,994  (751) 41,548 
Foreign currency exchange losses, net(6,085) (285) -  (6,370)
Gain on fair value change of investments91  4,011  -  4,102 
        
Income (loss) before income tax (expenses) benefits60,916  (2,181) -  58,735 
        
Income tax (expenses) benefits(5,626) 1,842  -  (3,784)
        
Income (loss) before share of income in equity method investments, net of income taxes55,290  (339) -  54,951 
        
Share of income in equity method investments, net of income taxes-  4,236  -  4,236 
        
Net income from continuing operations55,290  3,897  -  59,187 
        


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
          
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
          
  Three Months Ended
  September 30, 2025
          
  BIGO
 All other
 Total
  US$
 US$
 US$
          
Cost of revenues 1,230  186  1,416 
Research and development expenses 1,903  541  2,444 
Sales and marketing expenses 259  67  326 
General and administrative expenses 390  2,982  3,372 
          


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
       
  Three Months Ended
  September 30, 2025
       
  BIGO All other Total
  US$ US$ US$
       
Operating income (loss) 53,431  (33,879) 19,552 
Share-based compensation expenses 3,782  3,776  7,558 
Amortization of intangible assets from business acquisitions 8,950  4,590  13,540 
Non-GAAP operating income (loss) 66,163  (25,513) 40,650 
Depreciation and other amortization 4,574  5,331  9,905 
Non-GAAP EBITDA 70,737  (20,182) 50,555 
       
       
Net income from continuing operations 55,290  3,897  59,187 
Share-based compensation expenses 3,782  3,776  7,558 
Amortization of intangible assets from business acquisitions 8,950  4,590  13,540 
Gain on fair value change of investments (91) (4,011) (4,102)
Income tax effects on non-GAAP adjustments (763) (1,167) (1,930)
Reconciling items on the share of equity method investments -  (4,111) (4,111)
Non-GAAP net income from continuing operations 67,168  2,974  70,142 
       


 
JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
        
 Three Months Ended
 June 30, 2025
        
 BIGO All other Elimination(1) Total
 US$ US$ US$ US$
Net revenues       
Live streaming355,318  20,091  -  375,409 
Advertising86,801  9,324  -  96,125 
Others614  35,909  (297) 36,226 
        
Total net revenues442,733  65,324  (297) 507,760 
        
Cost of revenues(2)(285,645) (36,933) 63  (322,515)
        
Gross profit157,088  28,391  (234) 185,245 
        
Operating expenses(2)       
Research and development expenses(37,427) (22,825) 177  (60,075)
Sales and marketing expenses(51,990) (19,883) 21  (71,852)
General and administrative expenses(16,057) (31,901) 36  (47,922)
        
Total operating expenses(105,474) (74,609) 234  (179,849)
        
Other income56  344  -  400 
        
Operating income (loss)51,670  (45,874) -  5,796 
        
Interest expenses(821) (77) 747  (151)
Interest income and investment income14,220  27,326  (747) 40,799 
Foreign currency exchange gains, net947  244  -  1,191 
Gain on fair value change of investments822  16,811  -  17,633 
        
Income (loss) before income tax expenses66,838  (1,570) -  65,268 
        
Income tax expenses(5,124) (942) -  (6,066)
        
Income (loss) before share of loss in equity method investments, net of income taxes61,714  (2,512) -  59,202 
        
Share of loss in equity method investments, net of income taxes-  (1,176) -  (1,176)
        
Net income (loss) from continuing operations61,714  (3,688) -  58,026 
        


         
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
         
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
         
 Three Months Ended
 June 30, 2025
         
 BIGO
 All other
 Total
 US$
 US$
 US$
         
Cost of revenues440  237  677 
Research and development expenses520  1,085  1,605 
Sales and marketing expenses95  160  255 
General and administrative expenses289  1,141  1,430 
         


 
JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
      
 Three Months Ended
 June 30, 2025
      
 BIGO All other Total
 US$ US$ US$
      
Operating income (loss)51,670  (45,874) 5,796 
Share-based compensation expenses1,344  2,623  3,967 
Amortization of intangible assets from business acquisitions8,950  4,590  13,540 
Impairment of investments-  15,000  15,000 
Non-GAAP operating income (loss)61,964  (23,661) 38,303 
Depreciation and other amortization4,629  5,262  9,891 
Non-GAAP EBITDA66,593  (18,399) 48,194 
      
      
Net income (loss) from continuing operations61,714  (3,688) 58,026 
Share-based compensation expenses1,344  2,623  3,967 
Amortization of intangible assets from business acquisitions8,950  4,590  13,540 
Impairment of investments-  15,000  15,000 
Gain on fair value change of investments(822) (16,811) (17,633)
Income tax effects on non-GAAP adjustments(638) 1,551  913 
Reconciling items on the share of equity method investments-  1,034  1,034 
Non-GAAP net income from continuing operations70,548  4,299  74,847 
      


 
JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
        
 Three Months Ended
 September 30, 2024
        
 BIGO All other Elimination(1) Total
 US$ US$ US$ US$
Net revenues       
Live streaming417,762  21,720  -  439,482 
Advertising78,083  9,024  -  87,107 
Others164  32,293  (392) 32,065 
        
Total net revenues496,009  63,037  (392) 558,654 
        
Cost of revenues(2)(312,561) (38,050) 75  (350,536)
        
Gross profit183,448  24,987  (317) 208,118 
        
Operating expenses(2)       
Research and development expenses(44,884) (27,702) 226  (72,360)
Sales and marketing expenses(61,582) (21,968) 26  (83,524)
General and administrative expenses(14,249) (21,889) 65  (36,073)
        
Total operating expenses(120,715) (71,559) 317  (191,957)
        
Other income6  249  -  255 
        
Operating income (loss)62,739  (46,323) -  16,416 
        
Interest expenses(1,335) (117) 917  (535)
Interest income and investment income13,107  28,877  (917) 41,067 
Foreign currency exchange losses, net(10,290) (452) -  (10,742)
Gain on fair value change of investments5,466  3,815  -  9,281 
        
Income (loss) before income tax (expenses) benefits69,687  (14,200) -  55,487 
        
Income tax (expenses) benefits(6,408) 129  -  (6,279)
        
Income (loss) before share of income in equity method investments, net of income taxes63,279  (14,071) -  49,208 
        
Share of income in equity method investments, net of income taxes-  6,746  -  6,746 
        
Net income (loss) from continuing operations63,279  (7,325) -  55,954 
        


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
       
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
       
 Three Months Ended
 September 30, 2024
       
 BIGO All other
 Total
 US$ US$
 US$
       
Cost of revenues(261) 245  (16)
Research and development expenses1,571  1,389  2,960 
Sales and marketing expenses39  154  193 
General and administrative expenses(186) 1,964  1,778 
       


 
JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
      
 Three Months Ended
 September 30, 2024
      
 BIGO All other Total
 US$ US$ US$
      
Operating income (loss)62,739  (46,323) 16,416 
Share-based compensation expenses1,163  3,752  4,915 
Amortization of intangible assets from business acquisitions8,950  4,590  13,540 
Non-GAAP operating income (loss)72,852  (37,981) 34,871 
Depreciation and other amortization3,272  5,147  8,419 
Non-GAAP EBITDA76,124  (32,834) 43,290 
      
      
Net income (loss) from continuing operations63,279  (7,325) 55,954 
Share-based compensation expenses1,163  3,752  4,915 
Amortization of intangible assets from business acquisitions8,950  4,590  13,540 
Gain on fair value change of investments(5,466) (3,815) (9,281)
Income tax effects on non-GAAP adjustments(778) (796) (1,574)
Reconciling items on the share of equity method investments-  (6,167) (6,167)
Non-GAAP net income (loss) from continuing operations67,148  (9,761) 57,387 
      



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